Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global cardiac safety services market was valued at US$ 541.68 million in 2021 and is expected to register growth at a revenue CAGR of 11.0% to reach US$ 1540 million by 2030.

Cardiac Safety Services Market Fundamentals 

Cardiac safety services help design and support clinical trials or other studies that require monitoring of cardiac safety. These services provide monitoring of the entire cardiac safety profile for any compound/candidate undergoing a clinical trial, from Phase I–IV in compliance with ICH, EMA, FDA, PMDA, and other regulatory authorities and industry guidelines. Some of the key cardiac safety services include ECG/Holter measurement, cardiovascular imaging, blood pressure measurement, QT studies on the time between ventricular depolarization and its repolarization, and other services.

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Cardiac Safety Services Market Dynamics

Increase in the number of clinical trials across many developed and developing countries drives the global cardiac safety services market. As per the article in Medical News, improvements in clinical trial quality, such as compulsory training for all operators, have resulted into a substantial increase in the number of trials. Moreover, in 2017, the National Institutes of Health, or NIH, stated that all researchers and coworkers in NIH-funded trials should be qualified in Good Clinical Practices (GCP), increasing R&D activities in pharmaceutical and biopharmaceutical companies involved in developing new drugs. Technological advancements in the healthcare industry and developments in biosimilars & biologics are contributing to the global market revenue growth to some extent.

However, the high cost of cardiac safety evaluation and late approval of the new products are likely to restrain revenue growth in the global market in the next few years. 

Cardiac Safety Services Market Ecosystem

The report on the global cardiac safety services market is segmented based on four important parameters, namely, type, services, end user, and region. 

Cardiac Safety Services Market by Type

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Based on the type, the market is segmented into standalone and integrated.

Integrated Cardiac Safety provides professionals with the necessary advice and approach to evaluate drug cardiac safety at all stages of the drug's life, from discovery and development to post-marketing research. The integrated segment is expected to account for the highest revenue share of the market during the forecast period, due to the advantages of its bundled services to manage end-to-end developments as compared to the specificity of standalone services. 

Cardiac Safety Services Market by Services

Based on the services, the global cardiac safety services market is segmented into cardiac imaging, ECG/Holter measurement, blood pressure measurement, thorough QT study, and other services.

The ECG/Holter measurement services segment is expected to account for the highest revenue share of the global market during the forecast period. This can be largely attributed to the low cost and wide usage of these services in assessing cardiac activity. The blood pressure measurement was traditionally carried out in clinics and hospitals. With technological advancements, portable models of this technology were launched into the market. The specialty of these latest models is they reduce the possibilities of damage to the targeted organ.

Cardiac Safety Services Market by End User

Based on the end user, the cardiac safety services market is segmented into pharmaceutical companies, contract research organizations (CROs), and others.

The contract research organizations (CROs) segment is expected to register fastest revenue growth in the market during the forecast period. This can be attributed to increase in the number of clinical trials, rise in trend of outsourcing of R&D activities, and development of new technologies in the market.

Cardiac Safety Services Market by Region

Based on the region, the global cardiac safety services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

North America dominates the cardiac safety services market. The significant revenue share of North America in the global market can be recognized by the presence of prominent pharmaceutical and biopharmaceutical companies, increase in investments in R&D activities, rise in the prevalence of cardiovascular diseases, and robust product line in the region.

Europe accounts for the second-largest revenue share of the cardiac safety market. Technological advancements, increase in the number of the market players, rise in number of R&D activities, and ongoing clinical studies are key factors contributing revenue growth of the market in the region.

The Asia Pacific market is likely to grow at a significant revenue CAGR, followed by Latin America, the Middle East, and Africa in the forecast period. This can be ascribed to increase in the focus of governments of several countries in the region on providing improved healthcare facilities, rise in trend of subcontracting research activities, high prevalence of cardiovascular diseases, substantial increase in the research pool, and availability of services at competitive prices.

Cardiac Safety Services Market Competitive Landscape

The prominent players operating in the cardiac safety services market include: -

• Medpace, Inc
• Celerion
• Biotrial
• IQVIA
• ERT Clinical
• BioTelemetry, Inc
• Laboratory Corporation of America® Holdings
• Bioclinica
• Ncardia
• Richmond Pharmacology

Cardiac Safety Services Market Strategic Developments

• In May 2022, Novocardia introduced an innovative heart failure program, which combines remote patient monitoring and individualized health coaching to improve the lives of heart failure patients and minimize the need for their hospitalization
• In August 2022, IDOVEN and the International Federation of Professional Footballers (FIFPRO) entered into a strategic partnership, which is focused on improving health safeguards of players against cardiac arrest and other heart-associated risks

Frequently Asked Questions About This Report